Pakistan records highest-ever IT exports at $4.6 billion

— Pakistan’s information technology industry has reached its greatest ever export earnings as IT exports hit a record $4.6 billion during the fiscal year, highlighting the sector’s rising contribution to the national economy.

According to the data of the Ministry of Information Technology and Telecommunication, IT exports grew by 21 percent over the last financial year and the sector had a trade surplus of 85 percent.

Drivers of Growth

The milestone was credited to the government’s industry-friendly policies, continuous support to the technology sector and specific focus of Prime Minister Shehbaz Sharif to build Pakistan’s digital economy, the ministry said.

The IT industry has become the country’s fastest growing export sector thanks to initiatives to improve its competitiveness and create new opportunities for technology companies, it added.

World growth

The government facilitated Pakistan’s participation at over 20 international technology shows over the past year, giving more than 250 Pakistani IT companies and startups the opportunity to present their goods and services to buyers and investors around the world.

The ministry said that representatives of the IT industry also accompanied the prime minister on official foreign visits, aiding enterprises in accessing new markets, attracting investments and reinforcing international commercial partnerships.

Skills and incentives

As part of efforts to improve the country’s digital workforce, the government has trained more than 100,000 young people with modern IT skills in the past year.

The government also continued to offer a series of advantages to IT exporters including the final tax regime and 0.25 percent tax facility on exports, moves which the ministry said have further boosted the sector’s competitiveness and export potential.